North American stocks markets move lower after Apple says iPhone sales slow

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After some rough financial news, Tim Cook is reassuring investors that Apple isn't done growing by highlighting Apple services.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China", he said.

Apple also cited supply "constraints" for some products, including its latest Apple Watch and iPad Pro.

Huawei has overtaken Apple as the third largest global smartphone maker despite limited presence in the United States. Our results in China include a new record for Services revenue, and our installed base of devices grew over the previous year. CEO Tim Cook described that effort as having "gone well". Other brand names such as Ford Motor Co. and jeweler Tiffany & Co. already have reported abrupt declines in sales to Chinese buyers.

With no evidence or context provided whatsoever, it appears that Kudlow is trying to deflect any blame for Apple's poor stock performance away from Trump and onto China.

"Futures immediately sold off. Apple is a 4 per cent position in the market and considered a bellwether and comments were that the US was fine, China was slower than expected".

He is calling for them to move manufacturing to the US, however.

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But the company has still managed to court business with smaller providers that have said they have no other good options. The two companies have been accused in the past of violating global sanctions resulting in conflict with the U.S.

"The gut reaction here feels oversold", said Mike Bailey, the director of research at FBB Capital Partners, which owns shares of Apple. It jacked up its prices in India past year after the government raised smartphone tariffs from 15% to 20%. Build those plants in the United States.

China's "economy began to slow there for the second half", Mr Cook said during an interview with CNBC on Wednesday afternoon. In India, however, there's still huge potential: roughly 900 million people have yet to buy a smartphone. Apple had plenty of time to find another cash cow, and it didn't.

However, the excuses Cook comes up with fails to mention any arrogance or stupidity on Apple's part. Regulations mandate that foreign retailers source at least 30% of their raw materials locally, a rule Apple has been seeking an exemption from.

Apple took its biggest loss in six years and ended at NZ$212.67. "Look, I have to worry about our country". Apple is also tasked with exploring how to more effectively break into market like India with a low-priced option. More maneuvers like this from other companies could significantly impact the revenue Apple gleans from its app store. "It must continue focusing on offering cheaper products to gain meaningful market share". "The question is to what extent this is more Apple-specific".

Even the "budget" iPhone in the new lineup, the iPhone XR, has a starting price of $749-meaning that the iPhone's entry-level pricing is now equal to what its high-end pricing had been just two years ago.

Technology stocks are leading a sharp decline in early trading on Wall Street after Apple said iPhone sales were slowing down in China.

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